European Union Bill

My Lords, I could speak to this amendment before the noble Lord sits down, but if he is going to reply to the debate, it might be convenient if he hears what I have to say on this amendment. I think that that is in order. I oppose this amendment, and I am afraid that I have to go further and say that I am not among those who think that the single market has been an undiluted success for this country. I shall be speaking in much greater detail to that fact under Amendment 41, so I will not detain your Lordships long this evening. I am also aware that there are dying embers in the Conservative Party—shared by the noble Lord, Lord Davies, no doubt from his time on those Benches—which hold that the single market is one of the Conservative Party’s greatest achievements. I can deal with a few facts briefly to show that the single market has been a disaster for this country. You only have to take the report of the Treasury, Global Europe: full employment Europe, signed by Mr Gordon Brown himself, which estimated that EU overregulation, which comes to us entirely thanks to the single market, costs us some 6 per cent of GDP per annum, or £84 billion a year. It handicaps our exporters, and what we are about to see hitting the City of London from the new supervision bodies coming from Brussels under the single market will clearly be disastrous. Then there is the very simple point that only 9 per cent of our GDP goes in trade with clients in the European Union; 11 per cent goes to the rest of the world and 80 per cent stays here in the domestic economy. Yet, 91 per cent—everything in the domestic economy that is exported overseas—is controlled by the single market.